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« Renovation Spending Increases while Housing Starts Decline | Main

Housing starts increase in July

T he seasonally adjusted annual rate of housing starts was 236,500 units in July, marginally up from June by 100 units, according to Canada Mortgage and Housing Corporation (CMHC).
"The strong results achieved this past month were attributable to the performance of the multiple starts registered in Ontario and British Columbia, which countered the results in other provinces of the country. Single detached starts continued to trend lower and reached their lowest level of the year in July," said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.

"Strong multiple starts reflect a growing interest in relatively less expensive dwellings. Nevertheless, rising prices and slightly higher mortgage rates are expected to soften the
demand for new homes in the second half of 2006."

The seasonally adjusted annual rate of urban starts inched up 0.5 per cent to 202,100 units in July compared to June. Urban multiples increased 3.9 per cent to 112,900 units in July, while singles were down 3.5 per cent to 89,200 units. Urban housing starts went up in two out of five regions in July compared to June.

British Columbia took the lead with a 21.9 per cent jump in urban starts followed by Ontario, which recorded an increase of 4.2 per cent. In the Atlantic region, the Prairie region, and Quebec, urban starts were down 2.2 per cent, 9.4 per cent, and 10.5 per cent, respectively.
Rural starts in July were estimated at a seasonally adjusted annual rate of 34,400 units.
For the first seven months of 2006, all areas’ actual starts were up 3.1 per cent compared to a year ago, which compares to 2.6 per cent growth in actual urban starts over the same period.

Year-to-date actual urban multiple starts were up 4.3 per cent and urban singles were up 0.9 per cent compared to the same period in 2005.

Posted on Saturday, August 12, 2006 at 03:20PM by Registered CommenterElaine in | CommentsPost a Comment

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